Cash woes? A personal loan to the rescue!
  • Personal Loan BYTES FROM OUR KITCHEN

    OCBC Balance Transfer Review: Convert Unused Credit to Easy Cash to Pay for Your Needs

    OCBC Balance Transfer is not about transferring outstanding balances from your cards or lines of credit held with other banks to an OCBC card or credit line to reduce interest charges. It is about utilising the unused credit balance available on your OCBC card or EasiCredit account to cash.How does this benefit you? You won’t have to apply for a separate loan and bear a heavy interest burden. Simply convert the credit limit on your existing OCBC loan accounts to cash. This way, you can save on interest payments. You can even transfer the unused credit balance to another card or account that you hold with a bank in Singapore as long as it is Singapore-dollar denominated.

    You’ll have to pay a one-time processing fee starting from 1.8% on this interest-free loan. The tenure for this loan can go up to 1 year. You could pay as little as 3% of the outstanding per month and roll the debt over. The following section will walk you through the features and benefits of this credit facility in detail.

    0% Interest, Flexible Payment: Can This Loan Help You Manage Your Expenses Better?

    The following are some of the special features of this loan:

    Maximum Transfer Amount: In general, the transfer amount can’t exceed the credit limit available on your OCBC card or EasiCredit account that will be debited. However, in case the transfer amount, interest charges, and fees exceed the approved credit limit on your relevant OCBC loan account, you’ll be charged interest at the prevailing rate on the excess balance.

    Minimum Transfer Request: OCBC may specify a particular minimum transfer amount for this facility. Applications for loan amounts lower than this, may be rejected.

    Economical Interest Charges: You may not have to pay through the nose when you apply for this loan. That’s because you can have an interest-free borrowing. The effective interest rate could be as low as 5.2% p.a.

    Flexible Monthly Repayment: With this loan option, there is no need to make a fixed monthly repayment. You can pay as little as 3% of the outstanding balances by the due date, subject to a minimum of S$50. That means that you can roll the debt over multiple times, without settling the balance in full, and continue to enjoy the benefits of borrowing.

    Multiple Repayment Period Options: Depending on your preference and financial objectives, you could choose a loan tenure from 3 available options. The tenure options available are 3 months, 6 months, and 1 year.

    Track Your Monthly Transactions With Ease: Check and be in charge of all your monthly transactions in relation to this loan account with the help of monthly statements of account. The bank will send you such statements every month.

    Get a Higher Value on Your Spend With This Exclusive Promotion

    If you apply for this OCBC credit facility by 31 December 2018, you may be eligible for cashback up to S$320, subject to conditions. Depending on the size of the principal loan amount approved, you’ll get cashback at the following rates:

    Loan Amount Cashback Amount
    S$8,000 and above but below S$16,000 S$80
    S$16,000 and above but below S$24,000 S$160
    S$24,000 and above but below S$32,000 S$240
    Greater than or equal to S$32,000 S$320

    Here are some things that you should know about this promotion:

    • You may be eligible for this loan, subject to conditions, only if you apply on the bank’s website.
    • An applicant is eligible for one and only one gift (cashback). It will only be offered until stocks last.
    • This cashback gift can’t be exchanged for cash or anything else. Only the bank reserves the right to replace it with other items, if it so chooses to. Its decision with respect to this gift is absolute.
    • The cashback in question will be credited to the credit card or EasiCredit account that you used to apply for this loan within 1 month from the date of approval.

    How Much Can You Save on Interest Payments?

    You’ll be charged interest on the loan at the following rates, depending on the tenure of your choice:

    Tenure Nominal Interest Rate Effective Interest Rate
    3 months 0% p.a. 7.38% p.a.
    6 months 0% p.a. 5.34% p.a.
    1 year 0% p.a. 5.20% p.a.

    If you feel that the table is not enough to help you understand how much you’re really saving vis-à-vis a credit card (say), hopefully the following example would help.

    [Disclaimer: The numbers used in the example above are for illustrative purposes only. They may bear no resemblance to actual values and results.]

    What Are the Fees That You Should Know of?

    You’ll be charged a one-time processing fee on this loan, depending on the loan tenure of your choice. The rates will be as follows:

    Tenure 3 months 6 months 1 year
    Processing fee 1.8% 2.5% 4.5%

    If you’re looking for loans that don’t charge processing fees, check this out. You may have to deal with other legal charges and administrative fees on this loan as well.

    Points to Be Concerned About: No Cancellation Possible Once You Apply

    Before you submit your application, you should definitely give the following points a serious thought:

    • After submitting your application for this OCBC loan, you won’t be able to cancel it.
    • The bank may specify a minimum transfer amount. Applications for loans below that amount may not be entertained.
    • The bank reserves the sole right to reject your application or approve an amount lower than what you had applied for, without offering an explanation.
    • A balance transfer of the balance transfer amount may be possible. However, this could only be permitted at certain times by the bank and may not be available always.
    • You won’t receive reward points such as NTUC Linkpoints, Robinson$, or OCBC$ on credit card balance transfer transactions.
    • The credit limit of your card and EasiCredit account will be reduced by an amount equal to the outstanding transfer amount. It will be restored in a progressive manner with every single repayment.
    • You may transfer funds only to a Singapore-dollar denominated beneficiary or receiving account.
    • You can pay back the balance transfer loan in full before the expiration of the repayment period.
    • Once the promotional period expires, the prevailing interest rate, as determined by the bank, will apply to the outstanding balance.
    • Every single balance transfer on your OCBC card will be treated in the same way the bank treats a charge arising from a cash advance. These transactions will be reflected in your monthly card statement.
    • You shall be held responsible for any losses that may arise in connection to your application.
    • You will be solely responsible for making payments to your designated beneficiary accounts until the time OCBC confirms crediting money into the account. Any overdue charge or additional interest payment that may arise as a result of not paying the dues on time, will also have to be borne by you.

    Not Sure If You Are Eligible or Not? Check the Requirements Here

    You’ll be considered to be eligible for this loan if you satisfy the following conditions:

    • You’re an existing OCBC cardholder or owner of an EasiCredit account.
    • You’re aged 21 years and above.
    • Your annual income must be at least S$20,000 if you’re a citizen or PR of Singapore.
    • Your annual income must be at least S$45,000 if you’re a foreigner.

    Learn more about the supporting documents and the general eligibility criteria for OCBC personal loans.

    How Convenient Is the Process of Application?

    The process is quite convenient. You could use any one of the following modes to submit your application:

    • Apply on the bank’s website.
    • Call the bank to complete the process.
    • Send an SMS to the bank to take the process forward.

    There’s a popular saying. You have to invest money to make money. Now whether you agree with us or not, we’re certain that you would agree that lack of funds can purloin opportunities from you. They can even hold you back.

    If you think that instant funds could help you surmount a financial obstacle, you may want to consider this loan. You might find its affordability and flexibility extremely useful.

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